Section 446NA — Income Tax (Earnings and Pensions) Act 2003: Disapplication of exceptions from charges

Disapplication of exceptions from charges 446NA 1 None of the provisions specified in subsection (2) (exceptions from charges for certain company shares) apply in relation to employment-related securities if the market value of the employment-related securities at the time of the acquisition has been increased by at least 10% by non-commercial increases within the period of 7 years ending with the acquisition.

2 The provisions are—

a section 429 (restricted securities),

b section 443 (convertible securities),

c section 446R (securities acquired for less than market value),

and d section 449 (post-acquisition benefits from securities).

3 If section 446L (market value on valuation date increased by more than 10% by non-commercial increases during relevant period) applies in relation to employment-related securities, section 429 does not subsequently apply in relation to the employment-related securities.